XAUUSD Forex Analysis for Today, Monday (22-01-2024)
Retrace Trendline, Gold Seeks SELL at Strong Resistance
Expectations of Interest Rate Cuts Decreasing
Although dropping to the lowest level in a month, gold gained some support from safe-haven demand due to the escalation of conflict in the Middle East. The biggest pressure comes from reduced expectations of an interest rate cut in March, with strong retail sales data.
Retrace in Trendline Area, Look for Sell Signals at Resistance
Gold prices rebounded to the resistance area on the H1 time frame. Prices successfully bounced off the trendline. Monitor this strong resistance area to look for sell signals again.
Prediction: WEAK GOLD
Resistance
- R1 2038.00
- R2 2028.00
- R3 2040.00
- R4 2048.00
Support
- S1 2030.00
- S2 2050.00
- S3 2025.00
- S4 2015.00
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